ORION EQUITIES LIMITED — Net Asset Value 2006

Apr 17, 2006

Monday, 17 April 2006

MARKET ANNOUNCEMENT

Net Tangible Asset Backing - 31 March 2006

Month Ending:	% Change	31 March 2006 Consolidated	28 February 2006 Consolidated
Net tangible assets (before tax)		\$24.288m	\$22.728m
Pre-Tax NTA Backing per share	$+6.9\%$	\$1.36	\$1.28
Net tangible assets (after tax)		\$22.800m	\$21.372m
Post-Tax NTA Backing per share	$+6.7\%$	\$1.28	\$1.20
Based on total issued share capital		17,814,389	17,814,389

The current month NTA backing includes a provision for a 1.5 cent per share fully franked dividend announced on 16 March 2006. The record date for such dividend was 31 March 2006 with payment effected on 7 April 2006.

The NTA position comprises the following items:

	Current Month	Previous Month
Net Assets	\$'millions	\$'millions
Investments in listed Associated Entities:
Shares in Bentley International Limited (BEL) (a)	4.037	3.914
(b) Shares in Scarborough Equities Limited (SCB)	4.882	4.864
Investment in property	3.820	3.820
Investments in other listed securities	8.728	8.332
Investments in unlisted options	0.676	0.010
Net cash / other assets	2.145	1.798
Pre-Tax NTA	24.288	22.728
Tax Provisions:
(a) Prior year tax	(0.58]	(0.580)
(b) Current year tax	(0.36]	(0.379)
Net deferred tax asset / (liability) (c)	(0.546)	(0.397)
Post-Tax NTA	22.800	21.372

www.orionequities.com.au

ORION EQUITIES LIMITED (formerly Central Exchange Limited) Level 14, 221 St Georges Terrace, Perth WA 6000 T | + 61 (8) 9214 9797 $F$ | + 61 (8) 9322 1515 A.B.N. 77 000 742 843

Notes for Current Month NTA Position:

The Company's investments in Associated Entities (i.e. in which the Company has a greater $(1)$ than 20% interest) are accounted for under the equity method in the consolidated financial statements.

Under the equity method, the carrying amount of each such investment is cost plus a share of the Associate Entity's net profit or loss (after tax) for the financial year to month end as provided to the Company by each such Associated Entity.

Accordingly, as at 31 March 2006 the Company's:

• 25.97% interest in BEL has a carrying value of 39.92 cents per share (\$4.037m); this $(i)$ compares with BEL's last bid price on ASX of 43 cents per share (\$4.175m) and BEL's after tax NTA backing of 50.10 cents per share (\$4.864m) at month end;
• $(ii)$ 26.93% interest in SCB has a carrying value of 96.29 cents per share (\$4.882m); this compares with SCB's last bid price on ASX of 81.0 cents per share (\$4.059m) and SCB's after tax NTA backing of 93.91 cents per share (\$4.706m) at month end.
• $(2)$ The fair value of the Consolidated Entity's investments in other listed securities are based on each securities' last bid price on market at month end.
• The fair value of the Consolidated Entity's investments in unlisted options, being the following $(3)$ unlisted options in ASX listed Strike Resources Limited (SRK), is based on a Black-Scholes options pricing valuation model:
• $(a)$ 1,833,333 options, each to acquire one SRK share at an exercise price of 20 cents, on or before 9 February 2011; and
• 1,666,667 options, each to acquire one SRK share at an exercise price of 30 cents, on or $(b)$ before 9 February 2011.
• The Consolidated Entity's investment in real property is carried at cost. $(4)$
• $(5)$ Tax Provision Item (c) includes a provision for income tax on net unrealised gains on the Company's investments in securities and its share of Associated Entities' after tax net profit for the month (deferred tax liability) and the recognition of future income tax benefits on net unrealised losses on the Company's investments in securities and its share of Associated Entities' after tax net loss for the month (deferred tax asset).

Further information:

William Johnson Chairman

T | (08) 9214 9797

E | wjohnson@orionequities.com.au

Victor Ho Company Secretary T | (08) 9214 9797

E | vho@ orionequities.com.au